Macau Legend Development Limited says it has obtained an additional HK$450 million (US$58 million) in funding for the operation and development of its properties in Macau and Hengqin as part of a refinancing deal with its lenders.
The refinancing deal, which is linked to the acquisition of at least 20.65% of Macau Legend by Tak Chun Group CEO Levo Chan, will see the company’s wholly-owned subsidiary, Macau Fisherman’s Wharf International Investment Limited, granted a new HK$2.3 billion loan facility by Luso International and CMB Wing Lung.
The proceeds of the new facility will be used to repay its existing loan facility with ICBC Macau, while providing the additional HK$450 million for ongoing operations.
Transfer of money owed to ICBC Macau directly from Luso International and CMB Wing Lung was among the conditions required for Chan to complete his acquisition of a 20.65% in the company last week. As reported by Inside Asian Gaming, he is also due to make a mandatory unconditional cash offer for remaining public shares that could lift his stake to almost 50%.
Commenting on the company’s refinancing efforts, Macau Legend’s Co-chairman and Executive Director, David Chow, said, “The success of the loan refinancing reflected the financing capacity of the Company. The new facility arrangement has improved the Company’s debt structure, as well as strengthened the Company’s cash flow position.
“We also feel excited to broaden our banking relationship in Macau. On behalf of Macau Legend Development, I would like to express again our sincere gratitude to Luso Bank and CMB Wing Lung Bank for their trust and support in the development of the Company’s business.
“The Group is optimistic that it is well positioned for the expected recovery of the tourism market in Macau.”
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